RXM: The Future of Marketing & CX

CX and marketing have converged and blended together to form a new model for essential business operations. Practitioners of this new model, known as RXM, are poised to bring about business growth and increased revenues in the decades to come. 

What is RXM?

An acronymised form of Reputation Experience Management, RXM blurs the line between types of data, specifically unstructured and structured data sets. In days gone by, these data sets were each handled separately by marketing and CX departments, respectively. However, changes to the way consumers find and choose businesses have resulted in the amalgamation of data and departments with significant impact on enterprises in all industries.

RXM is a response to the monumental shift in the customer journey that is taking place since social media, search engines, and other digital platforms and devices became commonplace in daily life. 

The majority of consumers today look for companies online, and they favour those with a robust online presence and those that they can trust. Moreover, consumers are digitally empowered to feedback to companies and broadcast their opinions and experiences as customers to fellow consumers. Simultaneously, companies grapple with data and their visibility and reputation on multiple platforms to ensure they are found, chosen and that they continually improve their products and services. The term ‘feedback economy’ describes these complex processes which today drive business transactions.

RXM is the process of optimising for the ‘feedback economy’ and harnessing data to improve visibility online, win customers and improve business performance. RXM is now a business imperative. It is the engine that drives your customers’ journey, offers a competitive advantage to your company and generates revenue. 

RXM in Action

Reputation.com is pioneering the new category that is RXM through its cutting edge technology which enables CX professionals and marketing gurus to structure data and take control of it. In fact, Reputation.com’s powerful software solution aggregates and analyses data from over 100,000,000 reviews and social posts as well as from the +40,000,000 surveys it has deployed on behalf of some of the world’s biggest brands. What’s more, is that its incisive AI capabilities support human insight and interpretation of the critical data.

Three RXM software modules provide ample firepower for CX and marketing boffins to leverage and harness data to build a better brand experience. Each module covers one key aspect of RXM.

• Feedback Anywhere
• Reputation Score X
• Conversational Surveys

Feedback Anywhere

Companies need hi-tech solutions to listen to customers across multiple online channels. ‘Feedback Anywhere’ places ‘listening posts’ wherever one’s customers are present online, whether that be on social media, online surveys, business listings, or via third-party sources. 

Moreover, the module eradicates the need for CX and marketing professionals to monitor these multiple channels and numerous sources. Instead, ‘Feedback Anywhere’ serves as a one-stop-shop for all sources of customer feedback, and it even provides tools to respond to feedback in a timely and consistent manner. Its advanced analytics is capable of predicting trends, enabling one to drill-down into data to optimise practices where responding to feedback takes place. 

Reputation Score X

Using AI, Reputation Score X delivers critical performance metrics and highlights how an organisation or brand compares to competitors and the industry benchmarks. Through easy-to-understand yet data-rich visuals, Reputation Score X gives you precise feedback about exactly where your brand is excelling and where it is falling short. Crucially, Reputation Score X enables businesses to centralise, contain and control data.

Conversational Surveys

A high volume of positive customer reviews can make the difference between a business getting found and chosen or it being consigned to a fate of commercial obscurity and declining sales. Securing reviews should thus be a priority for every enterprise. Reputation.com’s ‘Conversational Surveys’ module puts tremendous power in the hands of CX and marketers when it comes to requesting reviews with efficiency and ease through various digital channels, including SMS.

What RXM Means Business in 2020 and Beyond

Be prepared for the digital transformation to continue to impact upon every aspect of your business’ visibility, its ability to win customers and its ability to improve its performance and profitability. 

Recent data shows that 87% of shoppers begin their journey online by researching brands and products. I, along with many others, expect this figure to rise as consumers adapt to unprecedented digitisation and adopt newer, more advanced technologies in a world where new challenges, such as Covid-19 and climate change, alter the way business is done. 

Ultimately, the digital transformation continues to drive the growth of ‘big data’. Businesses, which were once challenged by a lack of customer data, are now awash with information about their customers and companies must be able to harness data if they are to survive and thrive amidst the challenges of the 21st century. 

Commercial organisations, in particular, must be ready with advanced technological solutions as part of a comprehensive RXM programme. Harnessing big data offers a competitive advantage to companies through more targeted marketing, dynamic customer service, better intelligence and reduced operational costs. If ‘big data’ is the beast which you must tame to improve operations and profitability, RXM is the short leash you need to bring it under your control and make it useful. 

In 2020 and beyond, RXM will determine which companies rise above the competition and which ones languish behind. RXM is the future of marketing and CX for all companies, in all industries.